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[September, " Sierra Nevada gold field," extending through the country bordering on the Pacific.

Iron, the most useful of all metals, is at the same time the most generally distributed through the public land States* and Territories, whilst there is copper in immense quantities in the vicinity of the lakes east of the Mississippi, existing likewise in greater or lesser degree in the region extending from the Mississippi Valley to the Pacific, whilst lead, tin, and zinc are found in several of the States and Territories. The precious metals exist chiefly in California, in Nevada, in northeastern and southwestern Oregon, in Washington Territory, in Idaho, Montana, Colorado, southern Utah, New Mexico, and Arizona, scattered over an estimated area of a million square miles, and now yielding au annual product in gold and silver, according to the best attainable estimates, of over one hundred millions of dollars ; California alone having produced in the precious metals since 1848 over one thousand millions of dollars, while the developing mines of Nevada, Colorado, Idaho, Montana, New Mexico, and Arizona are making large annual additions to the American yield of gold and silver.

PETROLEUM. It appears from a semi-official report, in June last, received from the Surveyor General of California, that the petroleum oil belt extends in that State from the county of Humboldt on the north to Los Angelos on the south, a distance of over 700 miles, embracing twelve counties, to wit: Humboldt, Mendocino, Coluse, Sonoma, Contra Costa, Santa Clara, Santa Cruz, Monterey, San Luis Obispo, Santa Barbara, Los Angelos, and Tulare, in which oil in limited quantities, and some of superior quality, has been discovered ; in fact, that the sandstone and sbale of the whole coast range of mountains in most of these counties is so strongly saturated with petroleum oil as to burn in a furnace, being easy of excavation and assuming the appearance of tar or asphaltum where exposed to the air. It is found in some localities, particularly in the southern counties, in a fluid state, flowing out of the shale rocks in small rills, known by the resi. dents as breor springs, chiefly in the cañons or gulches. The asphaltum or hardened oil exists in very large quantities on the surface, the formation of centuries, as supposed, and is used for fuel. One of the most remarkable springs mentioned is situated under the ocean, some three miles from the shore, opposite San Luis Obispo, and north of Point Concepcion, which, in calm weather, is said to cover the surface of the sea with oil for twenty miles; and another curious feature is found about six miles from Los Angelos, in the plain known as Tar Lake, from fifty to one hundred feet in diameter, which is filled with oil-tar, used by the inhabitants for roofing houses and other purposes.

Various experiments, it appears, have been in progress for obtaining the oil from the immense deposits of asphaltum and tar, extracting it from the sandstones and from springs by boring, which have met with partial success, but sufficient to warrant the belief that at no distant day a full supply may be obtained when adequate capital and machinery sball be annolied.

(To be Continued.)

It is estimated that there is iron ore enough in Missouri alone to supply a million tons per andum of manufactured iron for the next two hundred yoars.-Sir Morton Peto, page 167

CHICAGO AND NORTHWESTERN RAILWAY.

The third fiscal year of this consolidation expired May 31, 1867. The earnings and expenses yearly, as show in the reports of the company have been as follows :

1864-65.
1965-66.

1866-67. Passenger earnings....

$2,167,901 77 $2,510,727 52 $2,915,016 19 Freight

4,448,598 57 5,393,191 39 0,649,559 81 Express

90,045 97 157,157 30 346,016 37 Mail

67,855 91 77,660 21 124,485 27 Miscellaneous

46,317 53 105,103 86

96,627 81 Total gross earnings....

$6,820,749 75 $8,213,840 28 $10,161,735 45 From which must be deducted cost of operating and taxes, local and national, as follows: Cost of operating

$4,295,472 86 $5,072,959 34 $6,724, 265 45 State, county and town taxes..

168,119 91 249,439 99 266,420 57 U.S. tax on earnings, and stamps...

157, 769 07 204,684 12 113,301 18 Total cost and taxes...

$4,621,361 84 $5,527,083 45 $7,103,993 20 (Percentage of cost, &c...

67 75
67.04

69.91) Earnings less expenses.....

$2,199,387 91 $2,716,756 83 $3,057,742 25 Disbursed in the following directions, viz: Interest on bonds and debt..

{ $940,822 40 } $750,470 00

$1,142,900 07 Sinking funds on bonds..

65,120 CO 59,120 00 Dividend on B. & M.R.R. stock outstanding January 1, 1866....

3,473 45 Interest on C. & M. RR. bonds and dividend on stock, in accordance with terms of lease..

132,423 95 Rents of Iowa leased railroads.

897,115 98 518,521 82 639,230 94 Dividend on preferred stock............

372,872 15 447,185 33 982,000 00 Surplus income

678,929 78 742,193 83 102,067 29 The surplus as above has been reduced by charging against it certain interest and discounts, properly chargeable to construction, viz.: in 1864-65, $621,326 19 ; in 1865-66, $416,799 20, and in 1866–67, $117,831 05, making a total of $1,054,956 44; which, deducted from the aggregate surplus ($1,523,180 90,) leaves May 31, 1867, 3468,222 46 as the surplus actually carried to the general account.

The length of line operated, and the stock of engines and cars on the road bave been largely increased during the period which the above accounts cover. The following statement shows these at th date of the consolidation in June, 1864, and at the close of each subsequent fiscal year :

May 31st

1867. 1865. 1866. 1867. Clinton line...

128 1 139 1 1:38.1 133 1 lowa leased lines

1.9.0 204.0 204 0 352.9

Junc,

818.1 312.1 342.1 491.0 Freeport line

91.0

91 0 91.0 91.1 Elgin-kichmond line.

38.0 33.0 33.0 33 0 beividere-Madison line..

49.5
67.6
67.6

07.6 Rockford Kenosha line

72.4
72.4
72.4

72.4 Chicago-Green Bay line.

212.4 242 4 242.4 242.4 Chicago-Milwaukee line.

83.5 $3.5 Peninsula Railroadt....

70.0 71.5 71.5 Total miles operated......

806.4 9:20.5 1,003 5 1,152.4 The change in the rolling stock from June 1, 1865, to June 1, 1867, is shown in tbe following statement :

No. of

-Number of cars-

engines. Pass. Caboose. Bag., &c. Freight. Ore. Total. 1865.

154

83
75 2,772

214

3,239 1567.

248 133 117 101 4,815 579 5,69 Increase..

94
39
34

26 2,042 205 2,450

91

* Leased May 8, 1866.
+ Consolidated October, 1864, and opened throagh December, 1864.
YOL. LYII-NO. III.

9

The business of the road is not given with sufficient detail. From the reports, however, we collect the following information :

1864-65. 1865-66. 1866-67 Passengers carried

1,096,697 1,511,992 1,533,028 Freight (tons of 2,000 lbs.)...

956,484 1,370,615 1,726,920

The financial condition of the company on the 31st May yearly, as exhibited on the general account, is shown in the following statement :

1865.
1866.

1867. Common stock.

$13,160,921 18 $13,174,901 18 $18,232,495 61 Preferred stock.

12,994, 719 79 18,019,055 79 14,789,125 42 Funded debt.

12,020,482 87 14,051,000 00 16,251,000 00 Net floating debt..

825,398 44 277,150 85 1,123,476 55 Income account.

157,603 59

483,988 22 468,224 46 Total........

$39,522,848 47 $41,006,096 04 $45,864,322 04 Against which are charged the following, viz : Property as per terms of consolidetion ........ $31,870,931 93 $35,079,585 25 $35,272,814 59 New construction .

8:29,508 9.)

1,269,240 09 1,770,356 29 New equipment

1,102,024 40 1,539,935 02 4,828,899 50 Securities on band, viz.:

Sinking fund, 2d mort. G. &C. U. RR. bonds. 84,500 00 258,000 00 293,000 00 Green Bay transit stock, &c..

274,200 00 Chic, & Milwaukee RR. stock..

1,274,350 00 1,274,350 00 2,018,200 00 Other stocks a d bonds.

31,978 44 881,359 77 44,193 10 Materials on hand..

1,015,932 06 1.208,625 91 1,363,158 76 Total.....

$39,522,848 99 $41,006,096 04 $45,864,322 04

The details of the several securities issued, and the amounts outstanding at the close of each fiscal year, are given in the following summary:

1865.
1866.

1867. a's, Flag Trust Bonds (Depot).

$245,000.00 $245,000 00 $200,000 00 7's, prei. sinking fund b'ds (C. & N.W.)

1,250,000 00 1,250,000 to 1,250,000 0 7's, Appleton exten'n b'ds do

184,000 00 184,000 00 184,000 00 T'e, Green Bay

do

300,000 00 800,000 00 800,000 00 7's, funded coup int. " do

756,000 00 756,000 00 756,000 00 7's, gen. 1st inortgage

do

3,600,000 00 3,600,000 00 3,600,000 00 7's, 1st mortgage bonds G. &C. U.

1,963,000 00 1,918,000 00 1,919,000 00 78, 2d

do

1,311, 0600 00 1,232,000 00 1,173,000 00 6's, Elgin&State line"

do

189,000 00 189,000 00 189,000 00 78, Mise. Riv. Bridge"

do

200,000 00 200,000 00 200,000 00 7's, Equipment bonds (C. & N. W.)......

270,452 87 320,000 00 165,000 000 78, 1st mort. bonds (Pen. R.R.)...

1,029,000 00 1,200,000 00 ris, consol. s'k'gf'd b’ds (C. &. N. W.)

1,075,000 00

949,000 00 2,627,100 00 8,040,000 00 10's. Equipment bonds do ..

2,200,000 00 Total 31.........

........... $12,020,482 87 $14,051,000 00 $16,251,000 00

For the general history of the company the reader is referred to the COMMERCIAL AND FINANCIAL CURONICLE, vol. 1, p. 613, 646 and 711.

Below we give the monthly range of sale prices of the stocks of the company since the consolidation : -Common stock

-Preferred stock1664-65. 1865-66. 1866-67. 1864-65. 1865-66. 1866-67. June.

50 @60 23 0.27 284@31% 86 94% 53 @57 58 661% July

48%0,58 26 0.30% 30 @37 81 093 56%266 69 66% August. 52%@57% 26 C30 3514 37% 85% 91% 58% (164

63 (68% Sept.

44%u954 27%.629% 34 (37% 77 @ 50% 60%C64 65% 0.72% Oct

34 46 28%C31% 38 0,60% 67%081 6226,69 72% 81% Nov.

40% 17% 31 0,39% 87%202% 75%98% 64% 0,69 69.52 Dec.

88 444 31% 37% 42 655% 69407% 61 @05% 65% 34% Jan..

32 (407 27 0936% 3? (1,16% 011 71% 63%C62% 57% 83% Feb.

324037 266029% 354,39% 614067% 65% 56% 633 9.99% March..

20 34 25 @27% 3% 36% 48 01 52 57% 69665% April...

21% 0,35% 24 %80% 30 0936% 48 667 52%@59% 5626065% May.....

21%83 26%C29% 31X0,36% 52 (63% 554061% 56% 60% Year.

20 00 23. 39% 28%@62% 48 094% 52 69 56% 84% 44,444 44 Stock in North Carolina Railroad Company.

These stocks bave been increased yearly as follows:

Common. Preferred. Total. 1864-65....

$1,150,458 $4,564,248 $5,714,706 1865-66.

13,980
24,336

38, 316 1866-67.

57,494 1,770,070 1,827,664 No dividends have been paid on the common stock. On the preferred stock a divi deod of 31 was paid Dec., 1864, and again June, 1865. No further dividend was paid until December, 1866, when a 7 per cent dividend was paid on the preferred stock in kind.

SOUTHERN RAILROAD REPORTS.

1. North Carolina-2. North Eastern—3. Mississippi Central.

NORTH CAROLINA RAILROAD, The fiscal year ends May 31. The gross earnings of this railroad for the years ending as above, in 1860 and 1867, compare :

1860-61. 1865-67. Passenger earnings....

$182,884 49 $201,761 Freight

215,477 40 301,930 Mails,

22,800 00

14,886 66 Total gross earnings....

$420,661 89 $518,558 85 The general business of the company for the year 1866-67 is shown in the followog statement : Assets on hand May 31, 1866.........

$445,579 11 Old drafts collected this year

405 05 Sandry deductions on negro bonds and other war claims passed to profit and loss. 24,820 4

70,804 40 Gross earnings from transportation...

518,558 85 Amount received trom rents.

$5,865 70 from shop accounts........

5,363 70 from sale of old iron....

46,936 02 from sale of supplies.

13,838 82 from minor sources..

7,635 91 - 79,640 15 Increased liabilities.....

27,401 67 Total resources for year.....

..$1,096,405 07 Charged with the following disbursements, viz: Ordinary and extraordinary expenses-old...

$244,323 49 -new.

446,132 81-690,456 33 Construction (old) $2,381 85, and right of way, $1,000.

3,381 35 Wortbless accounts passed to profit and logs..

332,732 45 Bills receivab.e 36,357 37, and accounts current

44,850 42 51,207 79 Cash on hand May 31, 1867....

18,627 15 Total disbursement......

$1 096,405 07 The financial condition of the company at the close of 1866-67, reads as follows: Capital stock.

$4,000,000 00 Eight per cent loan, due March 1, 1867.

$339,000 00 Interest on

do
do

19,820 00 359.820 00 Temporary loans at 8 per cent. on demand

172,639 00 Bills payable..

20,774 28 Current accounts

61,854 82 Due on negro bonds, 1864 and 1865

79,743 67 Profit and loss....

596,603 32 Total capital and liabilities.......

$5,290,435 06 Against which are charged as follows, viz : Cost of road, equipments and real estate

$1,950,755 68 Amonnt of sinking fund

$204,000 00 Stock in Chatham Railroad Company.

21,400 00 269,844 43 Bills receivable (36,357 37) and current accounts

51,207 79 Casb on hand...

18,627 13 Total property and assets.

$5,290,485 06

.

NORTHEASTERN (s. o.) RAILROAD. The fiscal year ends February 28. The receipts and expenses for 10 years (not in: cluding 1864-65) were as follows : Year ending

-Gross earnings.

Operating Nett Feb. 28. Passeng's. Freight. Other. Total,

expenses. earninge. 1857

$15,860 90 $15,425 32 $1,558 94 $32,347 45 1859

42,614 44 47,383 50 9,375 61 99,403 55 61,132 01 38,271 59 1859

78,589 24 108,271 46 33,053 04 222,018 74 123,868 98 96 144 81 1860

89,428 54 149, 782 27 37,903 13 277,118 94 164,850 72 122,263 2 1961

89,045 05 137,168 38 37,494 42 263,707 85 159,411 96 104,296 39 1862

65,355 18 98,050 98 88,143 99 237 550 15 134,847 72 117,202 43 1863

104,310 83 89,712 11 245, 491 87 439,514 81 141,992 18 297,522 63 1861

225,283 80 308,557 74 325,423 02 859,264 61 337,320 92 521,943 69 1865

(No report made this year 1866

88,283 75 95,345 47 18,656 32 202,235 54 181,591 49 70,694 05 1867

120,018 40 176,341 5! 21,455 44 317,775 85 251,188 04 66,687 31 The length of this road is 103 miles, exteoding from Charleston to Florence, and a connection with the Wilmington and Manchester Railroad. At the commencement of 1856-57, it was completed to Monk's Corners, 294 miles north from Charleston At the close of that year it was open to the Santee River, 481 miles; the average mileage operated in 1856-7 having been 38.86 miles. The whole road was opened to traffic on the 5th August, 1857.

The financial condition of the company on the 28th February, 1860, 1866 and 1867, comparatively, is shown in the following statement :

1860. 1866. 1867. Stock capital in $50 shares..

$897,200 00 $898,950 00 $898,950 00 1st mort. bonds (7's) due Sept. 1, :869

700,000 00 700,000 00 700,000 00 2d (78) due Sept 1, 1868

105,800 00 145,000 00 145,000 00 Pref. stock (8's)* due May 1, 1878..

104,200 00 155,000 00 155,000 00 Bonds for real estate...

43,310 00 28,000 00 23,000 00 Bills payable, notes, &c

105,590 56 45,269 30 27,380 79 Open accounts.

8,184 85 55,185 45 Cash due by company.

16,792 22

11,242 23 Interest outstanding..

120,286 35 175,267 73 funded into certificates.

52,818 50 Total capital and liabilities..

$2,054,885 41 $2,158, 883 38 $2,199,209 24 Against which are charged as follows: Cost of rond and property...

$1,931,051 91 $2,095,176 37 $2,148,130 65 2d mortgage bonds..

50,800 00 Stock in Cherau & Darlington RR. (par $25,400 )....... 22,597 40 4,064 00

4,064 00 Stock in Florida Steam Packet Co..

6,000 00 Real estate

11,934 41 20,136 04 22,369 96 Post Office dues

18,134 38

1,295 13 Bills receivabe...

3,505 12 3,987 50 8,787 50 Open accounts.

21,265 23 United States

8,254 24 Cash......

10,862 19

14,571 95 Total property and amounts..

$2,054,885 41 $2,158,883 38 $2,199,209 24

The overdue interest amounting at the close of 1866-67 to $175,-267 73, is fundable into certificates of indebtedness. The total amount to date was $233,249 50, of which $5,163 27 was retired in settlement of freights, and $62,818 50 by funding. These certificates bear 7 per cent, interest, payable semi-annually, and are payable Jaouary 1, 1875. Interest is now paid as it becomes due.

MISSIBEIPPI CENTRAL RAILROAD.

The fiscal year of this company closes August 31. At tbe commencement of the

*Secured by the deposit of a corresponding amount of 20 mortgage bonds in the hands of ru stees.

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